Gers hero Smith said: "I can today confirm that following talks over the last few weeks I am leading a new bid for Rangers Football Club.

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"I have been assisted by Jim McColl, Douglas Park and other prominent Scottish businessmen with a shared objective - that Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today.

"With this in mind, representatives have, on behalf of my group, made representations to BDO, Duff and Phelps and indeed Charles Green, notifying them of our willingness to offer on the 'Newco' basis on which Mr Green is proceeding.

Smith, 64, managed Rangers between 1991 and 1998, winning seven successive titles, three Scottish Cups and three Scottish League Cups, before he returned in 2007 to guide the club to three more consecutive league wins. He departed after a world record 54th championship in 2011.

The Lanark-born former coach added the group had no desire to own Rangers, but the deal was put "in place to save the club".

"Let's be clear, this is an acquisition designed to stabilise the club and ensure history does not repeat itself," Smith added.

"We are not in this to take money out of the club but more so to do whatever it takes in a turnaround plan to ensure within a few years the Club can be passed on intact and to the right people.